Saudi Central Bank Acquires 5,589 Shares of Okta, Inc. $OKTA

Saudi Central Bank boosted its holdings in Okta, Inc. (NASDAQ:OKTA) by 89.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,844 shares of the company’s stock after purchasing an additional 5,589 shares during the period. Saudi Central Bank’s holdings in Okta were worth $1,616,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new stake in Okta during the 1st quarter valued at about $225,000. NewEdge Advisors LLC lifted its position in Okta by 853.4% in the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Okta in the second quarter valued at approximately $244,000. Invesco Ltd. boosted its stake in shares of Okta by 34.1% during the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after purchasing an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 122.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after purchasing an additional 893 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OKTA has been the subject of several analyst reports. Mizuho increased their price target on shares of Okta from $145.00 to $165.00 and gave the company a “neutral” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. increased their target price on shares of Okta from $165.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. DA Davidson boosted their price target on Okta from $165.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Needham & Company LLC upped their price target on Okta from $140.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, Guggenheim set a $188.00 price objective on Okta and gave the stock a “buy” rating in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $172.92.

Insider Activity

In other news, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares in the company, valued at $3,028,920. The trade was a 8.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer directly owned 38,484 shares in the company, valued at $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 155,376 shares of company stock valued at $23,734,135 in the last quarter. Insiders own 4.61% of the company’s stock.

Okta Price Performance

Shares of Okta stock opened at $167.60 on Wednesday. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $174.85. The firm’s 50-day moving average is $147.69 and its 200 day moving average is $109.74. The stock has a market cap of $29.30 billion, a price-to-earnings ratio of 100.96, a PEG ratio of 5.31 and a beta of 0.79.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The business had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. Okta’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, equities analysts expect that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Okta Profile

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.